Exercise 6-13 George Hincapie Inc. manufactures cycling equipment. Recently, the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the company's bikes. After a careful evaluation of the request, the board of directors has decided to raise funds for the new plant by issuing $3,291,000 of 12% term corporate bonds on March 1, 2014, due on March 1, 2029, with interest payable each March 1 and September 1, At the time of issuance, the market interest rate for similar financial instruments is 10%. (Use the tables below.) TABLE 6-4 PRESENT VALUE OF AN ORDINARY ANNUITY OF 1 Periods 97561 1.92742 97087 1.91347 2.82861 3.71710 4.57971 94340 85941 3.80773 3.76197 3.46511 4.21236 4.91732 5.58238 5.50813 623028 73274.78238009 5 5.07589 5.78637 5.41719 5.24214 6.34939 6.47199 7.32548 7.97087 7.78611 8.98259 8.11090 951421 95400 8585 88971225 7.88687 8.76048 9.38507 9.78685 11.34837 12.10625 2.84926 10 25776 10.98319 11.69091 12.38138 10.63496 11.29607 1.93794 0.56312 9.29498 10.37986 10.10590 10.47726 10.82760 11.15812 13.57771 14.29187 12.56110 13.16612 13.75351 10.83777 11.27407 13.71220 15.67846 16.35143 14.97889 15.58916 20 14.87747 12.46221 7.01121 6.78541 44361 15.24696 14.09394 15.41502 15.93692 14.02916 14.45112 11.76408 2.04158 12.82115 7.65805 23 17.33211 17.88499 18.42438 18.91393 7.41315 12.78336 17 87684 18.32703 18.76411 9.18845 4.37519 13.00317 13.21053 13.40616 13.59072 13.76483 18.95061 19.46401 20.70690 21.28127 4.89813 15.14107 15.37245 29 16.9837 20.45355 20.93029 22.93770 17.58849 21.39541 21.84918 22 29188 15.59281 13.92909 32 20.38877 20.76579 23.98856